Shares of Chinese electric-vehicle maker XPeng jumped. Growth has exploded, and the car maker has reached the scale where profits and free cash flow are around the corner.

The company announced Wednesday a first-quarter per-share loss of 3 cents from sales of $2.2 billion. Wall Street was looking for a loss of 21 cents from sales of $2.1 billion. A year ago, XPeng reported a loss of 20 cents a share on sales of $900 million.

Gross profit margins were 15.6%, more than 1 percentage point better than estimates and up almost 3 percentage points year over year.

“We have made significant improvements in cost reduction,” said XPeng co-President Brian Gu in a news release. “Our vehicle gross margin increased for seven consecutive quarters.”

Looking ahead, XPeng expects to deliver 102,000 to 108,000 in the second quarter, up about 238% to 258%, year over year. Sales should be about $2.5 billion, better than the $2.3 billion Wall Street projects.

On the Q1 earnings call, XPeng executives said they are confident that sales will more than double in 2025 and that the company will turn a profit in the fourth quarter of this year.

XPeng is also planning to launch both industrial and commercial humanoid robots in 2026, which will achieve industry-leading levels of intelligence.

It looked like a solid quarter. XPeng’s U.S.-listed American Depositary receipts were up 13.1% in morning trading, while S&P 500 and Dow Jones Industrial Average were down 0.5% and 0.8%, respectively.

Coming into Wednesday, ADRs have risen 67% this year, fueled by the company’s growth. Through April, XPeng sold about 129,000 cars, up more than 300% year over year. New models such as the MONA M03 and the P7+ have helped.

The company ended the quarter with $6.2 billion cash on its balance sheet. Wall Street projects positive free cash flow in 2026, with full-year 2025 deliveries expected to reach 480,000 vehicles, up from about 190,00 sold in 2024.

XPeng has been on a roll lately. First-quarter results reflected that.